Owning a boat can be a great luxury, especially during those warm months of summer when you want nothing more than to catch some rays in the middle of your favorite body of water. At the same time, however, owning a boat can be quite expensive. In addition to any monthly payments you may owe on your boat, in addition to regular maintenance, you must also take the cost of insurance into consideration. Fortunately, there are plenty of discounts out there that can save you money on your boat insurance premium.
If you live in Canada, there's a good chance that you don't have the luxury of using your boat year-round. Instead, you probably need to pay to have your boat shrink-wrapped and stored at a marina during the cold and snowy months of winter. So, why should you be paying a premium for your boat insurance during this time? While your boat still needs some form of coverage while it's in storage, there's no reason you should be paying the same price for your insurance during the boating "off season." Ask your insurance company about an off-season discount.
Hybrid Boat Discount
Many car insurance companies offer discounts for those who drive hybrid cars, but did you know that boat insurance companies offer breaks for those with hybrid boats as well? You might even have a hybrid boat and not know it; essentially, a hybrid boat refers to a boat with an engine that's designed to reduce greenhouse gas emissions while utilizing less fossil fuels in the process. If you own a hybrid, be sure to ask your insurance company if they offer you a discount for helping the environment.
Boat Education Discount
Finally, while boater safety classes aren't required in Canada, taking one could provide you not only with safety benefits but monetary ones as well. Many insurance companies offer significant discounts on policy premiums for those who enroll in and successfully complete a boater safety course (and provide proof of it). Just be sure to check and make sure that the course you're planning on taking is approved by your boat insurance company. In some cases, your insurance company may even offer their own course.
As you can see, saving money on your boat insurance can be easier than you think. Just be sure to ask your insurance company (such as boat insurance in Saint John) if any of these discounts are offered to you.Share